[SMM Analysis] Building Materials Inventory Inflection Point Emerges

Published: Jun 25, 2026 11:01

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According to SMM statistics, both mill and social inventories experienced varying degrees of buildup. Total building materials inventory reached 8.0193 million mt, up 226,600 mt or 2.91% MoM, signaling the emergence of an inventory inflection point.

On the supply side, profit margins for EAF steel mills narrowed slightly, with some individual EAF mills reducing operating hours or shutting down, leading to a MoM decline in the overall EAF operating rate nationwide. Meanwhile, blast furnace steel mills operated at reduced loads, causing total national building materials production to shift from growth to contraction. On the demand side, the period coincided with the Dragon Boat Festival, the South China plum rain season, and high school entrance exams in multiple regions, disrupting the construction pace of outdoor sites. Amid weakening futures and spot prices, the trading atmosphere was relatively dull, with end-users procuring more cautiously and mainly making just-in-time purchases. According to SMM statistics, both mill and social inventories experienced varying degrees of buildup. Total building materials inventory reached 8.0193 million mt, up 226,600 mt or 2.91% MoM, signaling the emergence of an inventory inflection point.

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM's internal database model. They are for reference only and do not constitute decision-making recommendations.

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